afr saying nuf cr and rights tomm., page-14

EVERYONE has just offloaded 20% of their stake at $14. They now raise a piddly $250m at 5.75 and you think people will now sell to raise cash?

Every broker/insto/hedgie has been playing this arb. If they were going to sell more than the 20% they would have been the ones pushing it from $12 to $7 over the last few weeks, hence the bargain price insto's will get their shares back at.

This was clearly foreshadowed if you missed it you weren't paying attention. Even on a technical basis it gave a buy last week.

There may be some downside from here but to what $6? More likely for longer term holders is a return to $10 over time.
And in the meantime you've swapped $14 shares for $5.75 shares.